July 25, 2023
By Karmen Alexander
A Merrill Lynch team that oversaw over $450 million in client assets jumped to Steward Partners Global Advisory on Thursday.
The team, led by advisors Mark J. Morasky, Erik S. Clay and Chris J. Figaro, joined the Washington, D.C.-based hybrid firm as Vantage Point Private Wealth on July 20, according to a Steward spokesperson and registration records. They moved along with client associate Patrick Norris.
Figaro and Clay work from an office in Madison, Wisconsin, and Morasky and Norris are based in Walnut Creek, California. They had all previously worked together in Madison before Morasky moved to California. The team reports to Chris Barton, president of Steward’s central division.
Figaro, who has been registered as a broker for 12 years, echoed a complaint common among Merrill defectors by citing the pressure to sell clients on its Bank of America parent. “It was predominantly bank-focused,” Figaro said in an interview. “Now it’s much more client centric.”
The Steward spokesperson declined to provide the team’s annual revenue. A Merrill spokesperson did not respond to a request for comment on the move.
Steward last year sweetened its recruiting offers to attract higher-end teams with offers of 400% of annual revenue including upfront and back-end bonuses for those with $10 million or more in production. The total offer drops to 300%, including a portion of equity, for those with $1 million in revenue.
